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Globe/wire say former SEC target loitering with intent

2022-04-20 08:42 ET - In the News

The Globe and Mail reports in its Wednesday edition that Twitter's board can lean on concerns about the fate of the social-media platform under Elon Musk to rebuff him, but if they decide to explore a sale, price will override all other considerations, corporate governance experts said. A Reuters dispatch to The Globe says that the San Francisco-based company received a $43-billion (U.S.) "best and final" offer from Mr. Musk last week, which it is still reviewing. Mr. Musk, the world's richest person and chief executive officer of Tesla, has said he wants to make Twitter an "arena for free speech," alarming those worried about hate speech, misinformation, bullying and propaganda. Twitter's board is expected to reject Mr. Musk's bid as too low by April 28, when it is scheduled to report first-quarter earnings. Even if Twitter's bankers declared the offer was fair, the company's directors have wide latitude to reject it if they thought the platform was better off with its current content strategy, corporate governance lawyers and professors said. This would change, however, if Twitter's board decided to explore a sale, either because it received more offers or it decided to solicit acquisition bids.

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